Whitbread Non-GAAP EPS of 133.70p, revenue of £1.54B; updates FY26 outlook

* Whitbread press release [https://cdn.whitbread.co.uk/media/2025/10/H1-FY26-RNS-FINAL.pdf] (OTCPK:WTBCF [https://seekingalpha.com/symbol/WTBCF]): 1H Non-GAAP EPS of 133.70p.
* Revenue of £1.54B (-1.9% Y/Y).
* Five-Year Plan: on track to deliver a step-change in profitability and £2bn for shareholder returns by FY30.
* FY26 CURRENT TRADING AND OUTLOOK: positive trading momentum and our forward booked position is ahead of last year in both the UK and Germany; accelerating cost savings to maintain UK net cost inflation within 2% - 3% guided range; in Germany, despite softer than expected market demand in the second quarter, we are on track to deliver profitability this year (revised FY26 adjusted PBT† of up to £5m versus £5m - 10m previously).
* OUR FIVE-YEAR PLAN IS ON TRACK to deliver incremental adjusted PBT† of at least £300m2 by FY30: o Accelerating Growth Plan (+£100m2): by replacing over 200 lower-returning branded restaurants with an integrated F&B offering, we are unlocking 3,500 high-returning extension rooms; executing at pace, we expect the full reversal of the one-off impact to FY25 adjusted PBT† and will open 500 – 700 extension rooms during FY26; o UK Network expansion (+£120m2): we continued to grow our committed pipeline, with 500 new rooms expected to be open by the year-end and accelerating thereafter to reach 98,000 open rooms in the UK and Ireland by FY30; o Strong commercial program: with a return to UK market growth, our initiatives are continuing to deliver positive like-for-like† sales momentum, contributing to our outperformance versus the market3; o Efficiencies: helping to partially offset higher than expected inflation, we delivered £43m of savings in H1 FY26 and remain on course to deliver £250m of savings by FY30; o Germany (+£80m2): we have made great strategic progress, sustaining our outperformance versus the market4 and are today announcing an agreement to acquire 1,500 rooms; we remain on track to reach at least £70m5 adjusted PBT† with 20,000 open rooms by FY30; and o Disciplined capital allocation: on course to recycle £250m - £300m of property-related proceeds in FY26 having agreed £120m of disposals, including £99m of sale and leasebacks6 at attractive yields in the year to date; and we remain on course to maintain average annual net capex of below £500m.
* The Board has declared an interim dividend of 36.4p per share (H1 FY25: 36.4p) and we are on track to complete our previously announced £250m share buy-back by 30 April 2026, with 3.6m shares purchased so far for a total consideration of approximately £108m.

MORE ON WHITBREAD PLC

* Historical earnings data for Whitbread plc [https://seekingalpha.com/symbol/WTBDY/earnings]
* Dividend scorecard for Whitbread plc [https://seekingalpha.com/symbol/WTBDY/dividends/scorecard]
* Financial information for Whitbread plc [https://seekingalpha.com/symbol/WTBDY/income-statement]